Solar Panel Cost Guide in Louisville, KY (2024 Update)
- Louisville Solar Installation Cost: $24,524
- 25-Year Savings: $25,584
- Payback Period: 14.8 Years
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Average Cost of Solar Panels in Louisville
We break down average solar pricing in Louisville.
In Louisville, solar panels cost about 4 per watt on average.The average Louisville homeowner needs a 9.6-kilowatt system, which would cost about $24,524 with the federal tax credit, or $35,069 before the 0 tax credit is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy needs, the type of solar system you want, your solar contractor and more.Many homeowners find adopting solar power is a sound investment. The average homeowner in Louisville can save around $17,000 on their electricity bills over 20 years.
Click the button below to get connected to a top solar panel company in Louisville for a personalized quote.
Solar savings over time in Louisville
| Year | Return on Investment |
|---|---|
| 1 years | $-23,055 |
| 3 years | $-20,118 |
| 5 years | $-17,181 |
| 7 years | $-14,243 |
| 9 years | $-11,306 |
| 11 years | $-8,369 |
| 13 years | $-5,431 |
| 15 years | $-2,494 |
| 17 years | $443 |
| 19 years | $3,380 |
| 21 years | $6,318 |
| 23 years | $9,255 |
| 25 years | $12,192 |
Top Solar Installers in Louisville
When switching to solar energy, many homeowners decide to hire a solar company since putting up a solar system yourself can be a challenging project. Companies can also offer access to a large variety of the best solar panels and help you choose which one will be best for your family.
If you're looking for a solar installer in Louisville, we've put together a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Louisville
Factors that Affect Solar Panel Costs in Louisville
There are several criteria that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. That’s why it’s important to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your electric bills. In addition, extra products, such as solar batteries, can bump up your total well above the Louisville average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are provided by most installers in Louisville, which can lower, or in some cases eliminate, your upfront costs to make solar more affordable.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar panel installation company you select will play a role in your total cost to make the switch to solar . Different companies will bill different amounts for the equipment and labor.You may see national solar installers that have lower prices because of their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.80 | $15,943 | $9,877 | 15.4 years |
| 8 kW | $3.72 | $20,849 | $13,579 | 15.1 years |
| 10 kW | $3.65 | $25,550 | $17,484 | 14.8 years |
| 12 kW | $3.58 | $30,047 | $21,595 | 14.5 years |
| 14 kW | $3.50 | $34,339 | $25,909 | 14.2 years |
| 16 kW | $3.43 | $38,427 | $30,428 | 14.0 years |
| 18 kW | $3.36 | $42,311 | $35,151 | 13.7 years |
| 20 kW | $3.29 | $45,990 | $40,079 | 13.4 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: The model of solar panel you need plays a role in which company you should opt for, since different companies provide different panels.
- Warranty: Companies typically offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years in most cases provide good-quality solar panel installation and expertise.
- Contract: When looking over your solar company’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios like a system part breaking or the company going out of business.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Louisville, KY Solar Cost FAQs
What is the average cost of installing solar panels in Louisville?
This is a hard question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Louisville?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
How will having solar panels impact the value of my home?
Solar panels can increase the value of your home significantly as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to account for their typical energy usage.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.